Requesting Forum Assessment

[flintnational]

Quote:

Originally Posted by Kabowest Thanks for the comments and insight. Quick question - what is the concern with the house value?

Not necessarily a concern if you have all the costs in your budget. But, as house values go higher, so do taxes, insurance and upkeep. House costs could end up being a large portion of your budget. Once again, not a problem as long as you are aware of the associated costs and have properly accounted for them.

ETA: Here is a link to a forum poll on house value to NW value. Not scientific, but you are in the top 11%.

[Kabowest]

Quote:

Originally Posted by Aerides You look ready. Curious why you separate yours and DH's retirements savings as hers/mine vs. ours. My only question besides those above. If she said "oooh me too" 5 mins after you RE, are you ok with that? if yes, bail tomorrow.

Great question. We both came from previous marriages and the accounts are as they stand in separate accounts. It wasn't meant to be a hers/mine vs. ours, simply just how things look split out. In the end it's a virtual single bucket.

Unlike myself she loves her job and insists 62 is the target (and agree, not that feelings cant change. Regardless, I think we are good in any scenario.

[Kabowest]

Quote:

Originally Posted by CaliKid Do you factor in new cars/boats into your $75k? If you like new/expensive toys $75k may be hard to live on. Just a thought.

The good news is, the boat is the 'retirement boat' so that should be it for toy purchases. The plan for we she retires at 62 is to reduce down to a single new car, which 'should' be the last big purchase.

[Kabowest]

Quote:

Originally Posted by pb4uski You're golden on a combined basis... $2.125m @ 3.5% = $74k of inflation adjusted withdrawals, plus you have DW's earnings for next 6 years and SS on top of that. However, since you chose to segregate your resources, I presume that perhaps your finances are separate (second marriage or personal preference or whatever). If that is the case, then you need to consider what retirement looks like for each of you separately as well as combined.

Thanks for the vote of confidence! :-)

We are both from previous marriages. We have run the numbers for combined against individual to be sure to understand all scenarios. Never say never, but rest assured this the last stop for both of us!

[Kabowest]

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Originally Posted by Live And Learn As CaliKid said - does your budget include an allowance for the lumpy expenses such as replacing appliances / roof / cars ? And Pb4Uski has very wise advice (as always)

We have almost every large expense I can think of covered. House interior was renovated top-to-bottom 5 yrs ago, which included furnace on demand hot water, and appliances. New roof last summer and new driveway two years ago. All this work is paid for. Not to say that something can't pop up.

[Kabowest]

Quote:

Originally Posted by DrRoy Without any further NW growth you are at a 3.5% WR. You could view view the large home equity as a potential backstop if it came to that.

Hi

We have the same thoughts, but our hope is that it never comes to that. By the time she retires at 62 we will be looking at only taxes and minimal maint.

[Kabowest]

To all who replied-

Thank you to all who replied, I received many more than expected - what a great welcome! I think I replied to everyone and if I missed anyone I apologize.

[Katiek]

Welcome! You look in good shape and I'm sure you'll enjoy spending even more time out on the lake. I don't want an answer to this since it's personal, but since you mentioned you were both married before, are either of you planning to leave "your" money to kids from the prior marriage? If one of you were to predecease the other, would a portion of the retirement money go to someone other than the spouse?


These are all personal choices, and there is no "right" answer, just make sure you have any possibility considered in your plan. Also, make sure you have the right beneficiaries designated on all your accounts etc.

[Kabowest]

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Originally Posted by Katiek Welcome! You look in good shape and I'm sure you'll enjoy spending even more time out on the lake. I don't want an answer to this since it's personal, but since you mentioned you were both married before, are either of you planning to leave "your" money to kids from the prior marriage? If one of you were to predecease the other, would a portion of the retirement money go to someone other than the spouse? These are all personal choices, and there is no "right" answer, just make sure you have any possibility considered in your plan. Also, make sure you have the right beneficiaries designated on all your accounts etc.

All real questions and fair to ask. I have three kids and she has two - all grown and well established on their own. The one nugget I didn't expand on in my original post, is that she brings the $700k house into the mix. When you crunch the numbers, and given that she'll work six years beyond me (continuing to build her retirement contributions) it will closely even out. The plan would be, when we are both gone, whatever is residual would be split across the five kids - lawyers, wills, etc..

[old woman]

Financially you are fine, you might want to work at paying off the mortgage, for no good reason.
Emotionally I feel you should plan to make sure she doesn't feel bad working longer. Get up with her and make her coffee and do chores while she works like a house spouse. Resentments might build if you are sleeping when she leaves, plan in the boat while she is working then she still has to do most of the housework. Coming home to a freshly mowed lawn and dinner cooking instead of you in the hot tub asking what's for dinner will change the enjoyment for her and happy wife, happy life.

[flybynight]

You are in very similar situation to me...similar age, assets, and situation. I posted my numbers a while back and got pretty much all thumbs up from the group. Like you, I was looking for affirmation that I wasn't missing anything. So if I'm good, your good. In all seriousness...I read your post and thought "this guy is set, no worries". And then I realized I'm in the same boat. Much more difficult when you are pulling your own plug.

[Kabowest]

Quote:

Originally Posted by flybynight You are in very similar situation to me...similar age, assets, and situation. I posted my numbers a while back and got pretty much all thumbs up from the group. Like you, I was looking for affirmation that I wasn't missing anything. So if I'm good, your good. In all seriousness...I read your post and thought "this guy is set, no worries". And then I realized I'm in the same boat. Much more difficult when you are pulling your own plug.

Hi and thanks for the feedback.

I'm happy to hear that there are very similar situations and that I continue to get thumbs up. I know I am ready, I've run the numbers every possible way, and at this points it's more the mental block of pulling the plug. The near-term due dat is 12/31/19.

[EastWest Gal]

Lots of folks have chimed in about separate retirement plans. I’m sure both the OP and spouse have separate 401Ks and/or IRAs. They can’t legally be put in the same pot. Not sure what all the fuss was about.

[mickeyd]

Welcome here Kabowest.

Your plan looks solid. Prior to my ER 10+ years ago I had no such written plan but my unwritten plan in my head has worked fine so far. I must admit that a well thought out written plan must be an invaluable asset.

Good luck.

[Kabowest]

Quote:

Originally Posted by EastWest Gal Lots of folks have chimed in about separate retirement plans. I’m sure both the OP and spouse have separate 401Ks and/or IRAs. They can’t legally be put in the same pot. Not sure what all the fuss was about.

Hi and thanks for the confirmation of what I have been thinking. Yes, we both have separate funds, of course, but to several who have asked, and was never a him vs, her situation.

[Kabowest]

Quote:

Originally Posted by mickeyd Welcome here Kabowest. Your plan looks solid. Prior to my ER 10+ years ago I had no such written plan but my unwritten plan in my head has worked fine so far. I must admit that a well thought out written plan must be an invaluable asset. Good luck.

Thanks, and happy to hear that your unwritten plan has delivered for you. I am at the point where I have over analyzed my plan, and have now put a stake in the ground at 12/31/19!